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43-8-291
Section 43-8-291 Right to disclaim interest in property. (a) A person, or the representative
of a deceased, incapacitated person, protected person, incompetent or ward, who is an heir,
next of kin, devisee, legatee, grantee, donee, surviving joint tenant, person succeeding to
a disclaimed interest, beneficiary under a testamentary or nontestamentary instrument or contract,
or appointee under a power of appointment exercised by a testamentary or nontestamentary instrument,
or to whom any property or interest therein devolves, by whatever means, may disclaim in whole
or in part the right of succession to any property or interest therein by delivering or filing
a written disclaimer under this article. (b) A surviving joint tenant may disclaim as a separate
interest any property or interest therein devolving to him by right of survivorship. A surviving
joint tenant may disclaim the entire interest in any property or interest therein that is
the subject of a joint tenancy devolving to him,...
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38-9B-6
Section 38-9B-6 Rights and interests of life beneficiaries and contributors. (a) No life beneficiary
shall have any vested or property rights or interests in the AFT Trust, nor shall any life
beneficiary have the power to anticipate, assign, convey, alienate, or otherwise encumber
any interest in the income or principal of the AFT Trust nor shall the income or principal
be or any interest of any life beneficiary thereunder be liable for any debt incurred by the
life beneficiary, nor shall the principal or income of the AFT Trust Fund be subject to seizure
by any creditor of any life beneficiary under any writ or proceeding in law or in equity.
(b) Except for the right of a contributor who is not and whose spouse is not a life beneficiary
to revoke any contribution made to the AFT Trust, pursuant to subdivision (5) of subsection
(c) of Section 38-9B-5, neither the settlor, contributor, nor any acting co-trustee has the
right to sell, assign, convey, alienate, or otherwise encumber, for...
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19-3D-9
Section 19-3D-9 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. COURT INVOLVEMENT.
(a) On application of an authorized fiduciary, a person entitled to notice under Section 19-3D-7
(c), a beneficiary, or with respect to a charitable interest that is not entirely held by
or for the benefit of one or more identified and existing charitable organizations, the Attorney
General or other person that has standing to enforce the charitable interest, the court may:
(1) provide instructions to the authorized fiduciary regarding whether a proposed exercise
of the decanting power is permitted under this chapter and consistent with the fiduciary duties
of the authorized fiduciary; (2) appoint a special fiduciary and authorize the special fiduciary
to determine whether the decanting power should be exercised under this chapter and to exercise
the decanting power; (3) approve an exercise of the...
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13A-9-70
Section 13A-9-70 Definitions. The following words and phrases as used in this article shall
have the following meanings unless a different meaning is required by the context: (1) CHARITABLE
ORGANIZATION. Any benevolent, philanthropic, or patriotic person, or one purporting to be
such, consistent with the then-controlling definition provided in the Internal Revenue Code
of the United States of America, which solicits and collects funds for charitable purposes
and includes each local, county, or area division within this state of the charitable organization;
provided the local, county, or area division has authority and discretion to disburse funds
or property otherwise than by transfer to any parent organization. (2) CHARITABLE PURPOSE.
Any charitable, benevolent, philanthropic, or patriotic purpose which is consistent with the
then-controlling definition provided in the Internal Revenue Code of the United States of
America. (3) CIVIL RIGHTS ORGANIZATION. Any charitable organization...
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19-3B-1013
Section 19-3B-1013 Certification of trust. (a) Instead of furnishing a copy of the trust instrument
to a person other than a beneficiary, the trustee may furnish to the person a certification
of trust containing the following information: (1) that the trust exists and the date the
trust instrument was executed; (2) the identity of the settlor; (3) the identity and address
of the currently acting trustee; (4) the powers of the trustee in a pending transaction or
relevant to the request; (5) the revocability or irrevocability of the trust and the identity
of any person holding a power to revoke the trust; (6) the authority of co-trustees to sign
or otherwise authenticate and whether all or less than all are required in order to exercise
powers of the trustee; (7) the trust's taxpayer identification number; and (8) the name in
which title to trust property may be taken. (b) A certification of trust may be signed or
otherwise authenticated by any trustee. (c) A certification of trust must...
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13A-9-71
Section 13A-9-71 Registration of charitable organizations, professional fund raisers, and commercial
co-venturers, and professional solicitors; notification of changes; exempt persons; annual
report; prohibition against fund raising by unregistered person; contracts between professional
fund raisers and commercial co-venturers; appointment of Secretary of State as agent for service
of process; use of name of charitable organization without consent; disclosure by solicitors;
violations and penalties; injunctive relief. (a) Every charitable organization, except those
granted an exemption in subsection (f), which is physically located in this state, intends
to solicit contributions in or from this state, or to have contributions solicited in this
state, on its behalf, by other charitable organizations, paid solicitors, or commercial co-venturers
in or from this state shall, prior to any solicitation, file a registration statement with
the Attorney General upon a form prescribed by the...
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19-3A-202
Section 19-3A-202 Distribution to residuary and remainder beneficiaries. (a) Each beneficiary
described in Section 19-3A-201(d) is entitled to receive a portion of the net income equal
to the beneficiary's fractional interest in undistributed principal assets, using inventory
values as of the appropriate distribution dates. (b) In determining a beneficiary's share
of net income, the following rules apply: (1) The beneficiary's fractional interest in the
undistributed principal assets shall be calculated without regard to property specifically
given to the beneficiary and property required to pay pecuniary amounts not in trust. (2)
The beneficiary's fractional interest in the undistributed principal assets shall be calculated
on the basis of the aggregate inventory value of those assets as of the distribution date
without reducing the value by any unpaid principal obligation. (c) If a fiduciary does not
distribute all of the collected but undistributed net income to each person as of a...
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19-3D-15
Section 19-3D-15 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. TRUST LIMITATION ON
DECANTING. (a) An authorized fiduciary may not exercise the decanting power to the extent
the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2)
a power granted by state law to the fiduciary to distribute part or all of the principal of
the trust to another trust or to modify the trust. (b) Exercise of the decanting power is
subject to any restriction in the first-trust instrument that expressly applies to exercise
of: (1) the decanting power; or (2) a power granted by state law to a fiduciary to distribute
part or all of the principal of the trust to another trust or to modify the trust. (c) A general
prohibition of the amendment or revocation of a first trust, a spendthrift clause, or a clause
restraining the voluntary or involuntary transfer of a beneficiary's...
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35-5A-4
Section 35-5A-4 Nomination of custodian. (a) A person having the right to designate the recipient
of property transferable upon the occurrence of a future event may revocably nominate a custodian
to receive the property for a minor beneficiary upon the occurrence of the event by naming
the custodian followed in substance by the words: "as custodian for ___ (name of minor)
under the Alabama Uniform Transfers to Minors Act." The nomination may name one or more
persons as substitute custodians to whom the property must be transferred, in the order named,
if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible
to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising
a power of appointment, or in a writing designating a beneficiary of contractual rights which
is registered with or delivered to the payor, issuer, or other obligor of the contractual
rights. (b) A custodian nominated under this section must be a...
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40-15B-6
Section 40-15B-6 Insulated property: advancement of tax. (a) In this section: (1) "Advanced
fraction" means a fraction that has as its numerator the amount of the advanced tax and
as its denominator the value of the interests in insulated property to which that tax is attributable.
(2) "Advanced tax" means the aggregate amount of estate tax attributable to interests
in insulated property which is required to be advanced by uninsulated holders under subsection
(c). (3) "Insulated property" means property subject to a time-limited interest
which is included in the apportionable estate but is unavailable for payment of an estate
tax because of impossibility or impracticability. (4) "Uninsulated holder" means
a person who has an interest in uninsulated property. (5) "Uninsulated property"
means property included in the apportionable estate other than insulated property. (b) If
an estate tax is to be advanced pursuant to subsection (c) by persons holding interests in
uninsulated property...
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